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Average Home Values and Ownership in Zip Code 43026: A Decade of Growth and Change in Hilliard, Ohio
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Hilliard, located in zip code 43026 in Ohio, has experienced significant demographic and housing market changes over the past decade. This suburban area has seen a steady increase in population, coupled with evolving trends in homeownership and rental markets.
The homeownership rate in Hilliard has shown a gradual decline from 73% in 2013 to 68% in 2022. This trend correlates with the substantial rise in average home prices, which increased from $161,597 in 2010 to $327,680 in 2022, representing a remarkable 102.8% growth over 12 years. The inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less accessible for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2010 to 2021, interest rates remained historically low, ranging from 0.08% to 2.16%. This period of low interest rates coincided with the gradual decrease in homeownership rates in Hilliard, suggesting that other factors, such as rapidly increasing home prices, may have outweighed the benefits of low-cost financing for potential homebuyers.
As homeownership rates declined, the percentage of renters in Hilliard increased from 26% in 2013 to 32% in 2022. This shift towards renting coincided with a steady rise in average rent prices, which grew from $1,182 in 2013 to $1,388 in 2022, an increase of 17.4% over nine years. The growing renter population, combined with rising rent prices, indicates a strong demand for rental properties in the area, possibly driven by those priced out of the homeownership market.
In 2023 and 2024, the housing market in Hilliard continued its upward trajectory. The average home price reached $344,703 in 2023 and further increased to $360,161 in 2024, representing a 9.9% rise over two years. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Average home prices are projected to potentially reach or exceed $400,000 by 2029, while average rent prices could surpass $1,500 per month. These projections are based on historical trends and current market conditions.
In summary, Hilliard has experienced a shift towards a more rental-oriented housing market, with declining homeownership rates and increasing renter populations. This trend has been accompanied by substantial growth in both average home prices and rent prices. The continuation of these trends, coupled with fluctuating interest rates, suggests that the housing market in zip code 43026 will remain dynamic and potentially challenging for those seeking affordable housing options in the coming years.
